73R2502 MI-D
By Berlanga H.B. No. 1074
A BILL TO BE ENTITLED
1-1 AN ACT
1-2 relating to the authority of navigation districts and port
1-3 authorities to establish financial criteria for surety companies
1-4 that provide performance or payment bonds.
1-5 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
1-6 SECTION 1. Sections 60.411(a) and (d), Water Code, are
1-7 amended to read as follows:
1-8 (a) If a contract is for the construction of public works or
1-9 a contract amount exceeds $50,000, the bid specifications or
1-10 request for proposal may require the bidder to furnish a good and
1-11 sufficient bid bond in the amount of five percent of the total
1-12 contract price. A district or port authority may require that the
1-13 bond be executed with a surety company:
1-14 (1) authorized to do business in this state; and
1-15 (2) listed on the United States Department of Treasury
1-16 List of Approved Sureties.
1-17 (d) Bidders or proposal offerers for contracts subject to
1-18 Article 5160, Revised Statutes, are required to furnish a bond as
1-19 provided by that article, except that a district or port authority
1-20 may require that the bond be executed with a surety company listed
1-21 on the United States Department of Treasury List of Approved
1-22 Sureties.
1-23 SECTION 2. The changes in law made by this Act apply only to
1-24 contracts made on or after the effective date of this Act.
2-1 SECTION 3. This Act takes effect September 1, 1993.
2-2 SECTION 4. The importance of this legislation and the
2-3 crowded condition of the calendars in both houses create an
2-4 emergency and an imperative public necessity that the
2-5 constitutional rule requiring bills to be read on three several
2-6 days in each house be suspended, and this rule is hereby suspended.